Sole Trader Accounts

Bristol Based Sole Trader Accountant

Are you a sole trader? Being a self-employed sole trader is the easiest way and fastest way to start trading.

As a sole trader, you do not have a separate legal entity from yourself, such as with a Limited Company, you make all the decisions and any profit you make is yours, subject to income tax and national insurance.

This is where we can take some of the weight off your shoulders.

When you use our cost-effective service, we will prepare your annual accounts and self-assessment tax return – ensuring that it is filed on time – and offer advice on how you can minimise your tax liability, through making full use of all the reliefs and allowances to which you are entitled.

Our accounting service is suitable for a sole trader just starting out or for someone who has been operating for a number of years and wants a change of accountant.

For more information contact us today.

How do I register as a sole trader?

If you are a sole trader it’s vital that you register for self-assessment tax returns with HMRC. This is absolutely vital and it has to be done right to avoid possible penalties and prosecution. Here at Reed & Co, we are able to do this for you to ensure it’s done correctly as well as completing your accounts and self-assessment tax returns.

Benefits for a sole trader

There are many benefits of being a sole trader. Start-up costs are very low and the initial setup is simpler and a lot quicker.

You are your own boss and are entitled to make all the business decisions yourself and retain all the profits the business makes.

Do I need to submit a tax return?

If you are a sole trader you will need to submit a tax return. The tax year runs from 6th April to 5th April the following year.

Here at Reed & Co, we are able to complete your accounts and tax return ahead of the deadline, ensuring your return is submitted on time to avoid any late filing penalties.

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